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FRS | RIN: 7100-AD25 | Publication ID: Spring 2009 |
Title: Regulation C--Home Mortgage Disclosure (Docket No. R-1321) | |
Abstract: The Board proposed in July 2008, to amend Regulation C (Home Mortgage Disclosure) to revise the rules for reporting price information on higher-priced mortgage loans. The rules would be conformed to the definition of "higher-priced mortgage loan" adopted by the Board under Regulation Z (Truth in Lending). Regulation C currently requires lenders to report the rate-spread when the APR on a loan exceeds Treasury securities of comparable maturity by specified thresholds. Under the proposal, lenders would report based on a survey-based estimate of rates currently offered on prime mortgage loans of a comparable type, rather than using Treasury securities as the benchmark. In October 2008, the Board adopted final revisions to Regulation C, substantially as proposed, but with a later effective date of October 1, 2009, instead of January 1, 2009, as had been proposed. | |
Agency: Federal Reserve System(FRS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 203a 12 CFR 203i (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 12 USC 2801 to 2810 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: John C. Wood Counsel Federal Reserve System Division of Consumer and Community Affairs, Phone:202 452-2412 |